Aviation giant Bombardier cuts 7000 jobs

And, it sets the stage for an expansion of C Series production that, along with the new Centre of Excellence for maintenance, will add more than 12,500 jobs at peak production. It also has a substantial rail business.

The company has been struggling to find buyers for the 100-150 seat CSeries jet, in to which it has sunk billions of dollars, due to fierce competition from Boeing Co and Airbus Group SE.

Bombardier has a deal to sell Air Canada 45 CSeries jets, with an option to buy up to 30 more. The company said it has about 64,000 employees.

“The darker days are over”, he said. Bombardier’s launch customer for the CS100 is Swiss International Air Lines, and the airplane’s entry into service is set for the second quarter of this year.

Bombardier employs more than 70,000 people around the world and exports roughly 95 per cent of its products.

“The aerospace business and the industry in Quebec is so important”, Peladeau said.

The company has been under severe financial pressure despite receiving a $1 billion cash injection from the state government in Quebec previous year, as cost overruns on its new C Series jet have drained cash out of the company.

“We expected a lot of what we heard this morning, what we didn’t hear is anything regarding the governance of the company”, Vincent said.

“The CSeries is a major advancement in aviation technology and supports our commitment to reducing aircraft emissions”, said Garneau, whose party has made fighting climate change a government-wide priority.

The Canadian government said it was still in talks with Bombardier on its request for federal aid.

“Any action the government takes with respect to Bombardier will be first and foremost in the interest of Canadians”, federal Innovation Minister Navdeep Bains said.

“We’re taking this hard decision to make Bombardier stronger”, he said.

Bombardier’s quarterly results, also announced Wednesday, missed analysts’ expectations.

Bombardier plans to axe 10% of its global workforce as it restructures this year.

“And today is a defining moment and strategic marker for the C Series aircraft program … What’s next? There is no Act Three”.

The reductions will begin in the coming weeks and will be implemented over a period of two years. “We fully expect the new technology of the C Series to efficiently meet the demanding needs of our current and future network strategy”, concluded Rovinescu.

The C Series aircraft has a maximum range of up to 3,300 nm.

“If they’re going to remain in the aerospace business, they’ve got to find a partner”, he said. “At least that offers a possibility of the company being a viable competitor beyond 2025”. You can have production here.